*For FREE lessons on the Ichimoku Cloud and how it works, check out my other blog-
http://thecloudtraderlessons.blogspot.com/
Major Support/Resistance Levels- ES
*Highlighted regions denote strong areas of support (green)/resistance (red) & mid-range level (brown)
Daily Outlook
Prior Day Market Sentiment: Bearish
Overnight Inventory Change:Net short
Inside Day/Outside Day:Outside
Location of price relative to market profile: Below value area
Notable overnight futures markets changes:
Up:KC, 6J, CL
Down:NKD, SI, GC
News for the day:
Petroleum Status Report: 10:30a
*Red highlight means the news is a market moving event;
yellow highlight means the news merits attention
Projected ES price action for the day: Yesterday saw the first semblance of a selloff with some volatility in weeks. The bears will look to capitalize on the opportunity as prices are set to open below Tuesday's range. As a result, the natural level to test will be the previous day low of 1688.75. If the offers can be lifted into yesterday's prices, then the higher probability is another balancing day. However, if bears can gain some traction, then watch for buyers to protect the 1681-1683. Any prices lower, and edge to the bears.
Stock of the Day:Green Mountain Coffee Roasters (GMCR)
*Earnings after the bell
*Earnings after the bell
ES Daily Trend: Strongly Bullish
ES Weekly Trend: Strongly Bullish
ES Monthly Trend: Strongly Bullish
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